Online Subscription Billing System and the Role of Blockchain in Its Evolution

0
284
banner

Apart from the sale of products and services, there is also a business type currently trending among people. We are talking about subscription-based businesses that provide products or services for a specific time span instead of selling them. We also call it a recurring payment system that was first introduced for library subscriptions. Since online streaming became convenient to large criteria of the world’s population,  subscription businesses of OTT platforms started blooming. This is not just limited to the services business only but also covering businesses like food delivery subscription, hobby newsletter subscription, media rental,  and vehicle rental subscriptions. If you are expecting a positive outcome along with leading among competitors, blockchain technology can help. There is a large number of subscription billing software platform providers covering businesses globally. Zuora, Charge we and Xion Global are some credible options to choose from. The Xion Global platform provides blockchain-based recurring payments business services that comprise surprising benefits we are mentioning below. 

 

Advantages of blockchain for subscription billing platforms

 

  • Equal value for all customers

 

The blockchain-based payment acceptance system is meant for regulating the channel of cryptocurrency. The value of cryptocurrency remains the same globally. No matter whether your customer is paying from the European or Asian continent, they will pay the same value. Currently, there is a huge margin between the the cost of the same service in different countries due to currency value conflicts. These barriers will be automatically eliminated once you start receiving payments in cryptocurrency from customers. 

 

  • Low transaction cost

 

While accepting payments from other countries, you have to pay huge transaction charges to the money exchange company as well as a banking system too. Charges are also applicable on blockchain-based payment system but very nominal as compared to the conventional payments mode. It will create a big margin in your profit earnings. 

 

  • Fast payments deposit

 

When we talk about international payments, cryptocurrency is the fastest way to send and receive money. Instead of days, the transactions are executed within a few minutes. The best subscription billing platforms will hardly take two or three minutes to reflect the amount in your wallet. 

 

  • Adequate customer secrecy

 

Many customers don’t want to reveal their identity while making payments. The blockchain-based subscription management platform is a great option for them. You just need to provide a payment acceptance button supporting cryptocurrency on your website or mobile application. Payments made through cryptocurrency wallets are only represented by the public key of hash values instead of customer name and address. 

 

  • Best possible cybersecurity

 

cybersecurity vulnerability is the biggest threat of current times for online businesses. Talking about the currently available robust cybersecurity solutions, nothing can beat the security of the blockchain. 

Despite faster transactions and high-security benefits, blockchain is completely free because it is an open-source technology. You just have to pay for the services customized according to your business by software development companies. 

LEAVE A REPLY

Please enter your comment!
Please enter your name here